The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A mectinc of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, August 21 PRESENT: 1923, at 11:00 a.m. Governor Crissinger, Er. Hamlin, Er. Miller, Mr. Dawes, Mr. Hoxton, Secretary. The minutes of the meeting of the Federal Reserve Board held on August 15, 1923 were read and approved. Report of the Committee on Discount and Open Market Policy, with reference to the matter referred to it on August 14th, namely, letter of August 4, 1923 from the Under secretary,of the Treasury, enclosing copy of communication addressed by him to Deputy Governor Case, of the Federal Reserve Bank of New York, regarding the investment holdings of the Federal Reserve tanks; the Committee reporting that 11Q further action by the Board is necessary at this time. Noted. Memorandum, dated August 13, 1923, from the General Secretary of the Board, rePorting upon the number of agricultural credit pamphlets desired by the Federal lieeerve Banks. Referred to the Governor with power. Upon motion, the Board authorized the publication in pamphlet form of certain 411J-cies on "Cotton Financing" which have appeared in the Federal Reserve Bulletin, it being understood that the Governor will determine the number of pamphlets to be Printed and the method of distribution. I:emorandum, dated August 21, 1923, 'from the General Secretary of the Board, 1114k14g recommendations with reference to the program of topics to be submitted by the Board to the Federal Advisory Council for consideration at its meeting on 4Ptember 17th. Approved. L:emorandum, dated August 18, 1923, from General Counsel, on the subject of "Purchase of Government Securities and Bankers' Acceptances by Federal Reserve Banks under so-called Repurchase Agreements". ' Referred to the Law Committee for revision, vith the understand- . ing that after revision the memorandum will be mimeographed and copies sent to the members of the Federal Advisory Council and to the Chairmen Of the Governors and Federal Reserve Agents' Conferences, for incorporation in their programs .of topics to ho discussed., Letter, dated August 11, 1923, from the Federal Reserve Agent at Bostcn, adVising of his intention, subject to the approval of the Board, to take a vacation in Euroee from August 18th to the middle or latter part of September. Approved. Letter, dated August 10, 19L3, from the Deputy Governor of the Federal ileservc Bank of Minneapolis, transmitting the application of the City National Bismarck, North Dakota, for authority to offer for rediscount, if necepsary, the Paper of non-member banks and recommending that the Board ajorove the aPPlication on terms stated in his letter. Approved. Liemorandum, dated August 15, 1923, from Counsel, transmitting a circular letter to be sent to all Federal Reserve Agents on the subject "Improper Adverti sements of state Member Banks". Approved. Lqter, dated August 8, 1923, from Mr. C. A. Faircloth, president of the 174ti°na1 City Bank, Tampa, Florida, expressing views with respect to the par clearance system of the Federal Reserve Banks. Ordered Circulated. Llemerandum, dated July 23, 1923, from Counsel, on the subject "Protest Fees lIctaries in '.21np1oy of Federal Reserve Banks". Referred to Law Committee. Letter, dated August 14, 1923, from the Governer of the Federal Reserve Bank of Boston, enclosing for the information of the Board copy of a letter written from Havana by the Deputy Governor of the Federal Reserve Bank of Boston, rt. C. C. Bullen, with regard to the progress being made toward the opening of the Havana Agencies of the Federal Reserve Banks of Atlanta and Boston. Ordered referred to the Committee on Cuba. Letter, dated August 4, 1923, from the Federal Reserve Agent at San Prancisco, enclosing newspaper clippings, etc. concerning the Bank of Italy's Proposed branches at Long Beach, Cal. Noted. Draft of letter prepared by Counsel for the signature of the Executive Secretary of the Board, addressed to the Cashier of the Federal Reserve Bank Qf Cleveland, with respect to the increase or decrease of Federal Reserve Bank stock. Approved and copies ordered sent to all other Federal Reserve Banks for their information. Letter, dated August 13, 1923, from rt. G. B. Mnston, Assistant Secretary the Treasury, renewing the request made in his letter of August 7th, that of the the Board's Division of Research and Statistics prepare a brief review domestic credit situation during the past year, for use in the annual report Qf the kiecretary of the Treasury. Referred to the Governor for reply. Committee on Salaries and ExpenReport, dated August 20th, 1923, from the Bank of Cleveland, ditures, on letter from,the Secretary of the Federal Reserve form of a letter advising clated August 10, 1923; said report being in the in salary that in the opinion of the Board the matter of the proposed increase tc)r Mr. -. Bill, Field Representative, from ?43,300 to per annum /4/23 4 r. is one which should be taken up at the reular period, next December. Upon motion, the report of the Committee was approved. The Law Committee submitted a memorandum, dated Au7,ust 20, 1923, by Assistant Counsel, on the subject "Limitation on amount of acceptances by a State Member Bank", together with draft of a telegram addressed to the Federal Reserve Agent at San Francisco, in reply to his telegram of August 17th, making . inquiry as to the right of the Hibernia Commercial and Savincs Bank of Portland, Orecon, in the matter of executing acceptances without limitation. Approved. Mr. Hamlin, Chairman of the Law Committee, presented a memorandum, dated August 21 1923, from Counsel's Office, submitting certain material designed for PUblication in the September issue of the Federal Reserve Bulletin. Approved. Memorandum, dated August 17, 1923, from the qeneral Secretary of the Board, lieeommending that Miss Lucy S. Black, an employee of long standing, be granted, 011 account of illness, two weeks additional sick leave with pay and two weeks leave without pay. Approved. Letter, dated August 20, 1923, from the Comptroller of the Currency, recom' Illending annual salaries of 13,300 each for the following National Bank Examiners laSS Adelia Stewart, Mr. Charles F. Valson and VI.. Gail W. Crossun Approved. Letter, dated August 15, 1923, from the Comptroller of the Currency, recom" riding approval of an annual salary of '2,700 for Mr. Nels Nelson, a National 1344k Zaaminer assigned to the Ninth Federal Reserve District. Approved. -5- Letter, dated August 20, 1923, from the Comptroller of the Currency, requesting approval of an increase in salary from 5,500 to ?,17,500 per annum, for Mr. Edwin F. Rorebeck, National Bank Examiner. Approved. Letter, dated August 13, 1923, from the Comptroller of the Currency, requesting approval of an increase in salary from :4p3,600 to 4,000 per annum, for Mr. Samuel W. Dye, National Bank Examiner. Approved. Letter, dated Augut 11, 1923, from the Third Assistant Secretary of State, advising that an invitation will be issued to a representative of the Federal Reserve Board to attend the Fifteenth International Statistical meeting, which WI].]. open at Brussells on October 1, 1923. Referred to Committee on Research and Statistics for recommendation and report. Miller submitted two telegrams addressed to him by the Chairman and Governor of the Federal Reserve Bank of San Francisco, with reference to the Beard's action in declining permission for the establishment of certain branches bY the Bank of Italy, San Francisco, and the Pacific Southwest Trust and Savings 1341hk, Log Angeles. Noted and ordered filed. The Governor submitted the report of examination of the Federal Reserve Bank °f Chicago, as of June 16 1923. Noted and referred to the Committee on Examinations. 214PORTS OF STANDING COYMITT7r19: Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Approved. 4ted August 21, 1923 Recommending action on applications for admission of state banks, subject to the conditions stated in the individual reports attached to the applications, as set forth in the Auxiliary Minute Book of this date. Approved. bated August 18, 1923 _ 21/23 Dated August 13, 1923 Dated August 16, 1923 , Dated August 16, 1923 Dated August 17, 1923 Dated August 13, 1923 6 Recommending refusal of the application of Mr. R. W. Playford to serve at the same time as director of the National Bank of Fayette County and as Vice President and director of the Fayette Title & Trust Company, Uniontown, Pa. Approved. Recommending approval of the application of Er. S. Arthur Knapp to serve at the same time as Vice President and director of the Calcasieu National Bank of Southwest Louisiana, Lake Charles, La., as President and director of the First National Bank of Longville, La., and as Vice President and director of the First National Bank of DeRidder, La. Approved. Recommending approval of the application of Er. R. L. Hale to serve at the same time as director of the First National. Bank, Longville, La. and as director of the Calcasieu National Bank of Southwest Louisiana, Lake Charles, La. Approved. Recommending approval of the application of Mr. James W. Lane to serve at the sane time as director of the Equitable Trust Company, New York City, and as director of the Tinker National Bank, East Setauket, N. Y. Approved. of the application of Mr. Joseph E. approval ng Recommendi time as President and director sane the at serve Otis to Illinois, Chicago, Ill. and of Co. Trust Central of the Bank, Chicago, Ill., National Drovers the of as director Plan Bank, Chicago, Morris Chicago the of director and as Approved. of the application of Mr. Payne approval ng Recommendi same time as director of the First at the serve to Whitney City, and as trustee of the York New Bank, National United States Trust Company, New York City. Approved. Dated August 20, 1923 Recommending approval of the application of Mr. Frederick 174 Gehle to serve at the same time as Vice President of the Mechanics & Metals National Bank, New York City, and as director of the Broni National Bank, New York City. Approved. Dated August 18, 1923 At 12:15 p.m. the meeting adjourned. General Secretary. APProved: / Governor
@FedFRASER